Millennium & Copthorne Hotels posts $40M profit, bolstered by property development

Fri, 17 Feb 2017

By Sophie Boot Feb. 17 (BusinessDesk) - Millennium & Copthorne Hotels New Zealand, the hotel operator and property developer, nearly doubled profit in 2016, while CDL Investments, the residential property developer it controls, lifted net profit 55 percent in the year with housing in high demand. The hotel operator lifted profit to $40.4 million in calendar 2016 from $21.7 million in 2015, on a 26 percent lift in revenue to $172 million. Strong sales at CDL contributed significantly to the results, offsetting the closure of the Copthorne...

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